Canadian Solar Completes the Sale of A 17.7 MWp Subsidy-free Solar Portfolio in Italy
Canadian Solar Inc. - Common Shares (CSIQ)
Last canadian solar inc. - common shares earnings: 3/26 06:00 am
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Source: PR Newswire
GUELPH, Ontario, March 23, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) announced today the closing of a 17.7 MWp portfolio sale in Italy to Sonnedix. The Company expects to recognize revenue from the sale in the first quarter of 2020. The portfolio of five solar PV plants in Sicily was jointly developed by Canadian Solar and Manni Energy, and has been operational since February 2020. The energy produced is sold to TrailStone Renewables GmbH through a recently signed 10-year PPA. This is one of the longest PPAs for subsidy-free solar portfolios in Italy to date. These solar plants are expected to produce approximately 34 GWh of clean energy per annum, equivalent to providing approximately 12,000 Italian households with clean solar energy.Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to partner with Sonnedix and Manni Energy on the sale of our landmark subsidy-free portfolio in Italy, the f
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